Amid the intensified crackdown against bitcoin and other cryptocurrency mining in China, crypto mining businesses in other parts of the globe continue to expand and grow.
In line with this, Hut 8 Mining Corporation announced it has spent $44 million for its purchase of 11,090 WhatsMiner MicroBT M30S, M30S+ and M31S bitcoin mining rigs from SuperAcme Technology in Hong Kong.
This recent purchase follows an earlier acquisition of crypto miners expected to be delivered and deployed within this month. Meanwhile, the latest acquisitions won’t be delivered until October and are expected to be deployed in December this year.
Plan of deployment
Hut 8 Mining Corporation plans to employ almost 12,000 mining rigs in a 100 megawatt (MW) facility that is reportedly being developed with Validus Power.
The company is expecting these miners, after their deployment, to account for a hashing capacity of around 1.081 Exahashes per second (EH/s).
Currently, the crypto mining corporation has two farms in Alberta, Canada. Its facility operating in Medicine Hat is said to have a 67 MW capacity, churning out around 0.7 EH/s. Meanwhile, the one located in Drumheller has a capacity of 43 MW and is managing around 0.34 EH/s.
Target in sight amid crackdown
If all of the company’s plans materialize, it could attain a hash rate of around 2.5 EH/s by the end of 2021 and per current rankings, doing so would make Hut 8 the 11th largest bitcoin miner in the world, just right behind SBI Crypto which currently has a hash rate of 2.89 EH/s.
The North American region has seen an increased bitcoin mining activity amidst the crackdown in China that is continuing to intensify, forcing miners to relocate their operations overseas.
Image courtesy of Cointelegraph News/YouTube
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